🚀🚀 All eyes on Ether (ETH) this week as it steals the crypto spotlight! The anticipation for its spot exchange-traded funds (ETFs) approval has investors on the edge of their seats. 📈📈 ETH soared 25% in just two days, hitting over $3,900 - a high not seen since mid-March. This rally was fueled by increasing odds of the SEC giving the green light to the funds, from 25% to a whopping 75%.

Traders in the perpetual futures market and permanent holders of ETH were the driving force behind this price surge. 🚀🚀 Long Ethereum positions were opened aggressively, resulting in total open interest in the futures market hitting its highest level since January 2023.

The Ethereum-Bitcoin Open Interest ratio also rose from 0.54 to 0.67, indicating that traders preferred more exposure to ETH over BTC. 🥳🥳 Buy orders dominated sell orders, adding more upward pressure on ETH prices.

Demand for ETH didn't stop there! Permanent holders accumulated over 100,000 ETH, their highest daily level since September 2023. The amount of staked ETH also bounced back, signaling investor confidence in the cryptocurrency. 🎉🎉

With rising demand, ETH's daily net flows into exchanges hit 62,000, its highest level since early March. Most of these flows went to Binance and Bybit. High exchange flows usually mean price volatility, as investors may want to sell their assets to profit from potential price rises after the ETF approvals.

At the time of writing, ETH is hovering around $3,700, having risen 1% in the past 24 hours. Stay tuned for more exciting ETH updates! 🚀🚀